US-China trade talks ended on Wednesday (New York time) with very few details being released.

The American delegation will return to Washington to report on the meetings and "to receive guidance on the next steps", the US Trade Representative's office said.

It also said Beijing had pledged to buy "a substantial amount" of agricultural, energy and manufactured goods and services from the United States — though this has not been confirmed by China yet.

US President Donald Trump has previously said he would raise tariffs to 25 per cent (up from 10 per cent) on $US200 billion worth of Chinese imports if no trade deal is reached by March 2.

Furthermore, the Federal Reserve revealed that not every board member wanted to raise interest rates last month due to a lack of inflationary pressures in the US economy, according to its latest meeting minutes.

The Fed officials agreed that "some further gradual [rate] increases" would be appropriate, and they could "afford to be patient" in regards to future rate hikes.

In other words, the US central bank may not lift borrowing costs as quickly as traders had initially feared.

"A more stable Fed is going to lead to more stable markets over time," said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management.

"Some of the sharp moves in the market were driven by the fact that Fed tightening is starting to have an impact on economic growth and financial conditions."

Extended market rally

That was enough to boost the Dow Jones index by 92 points, or 0.4 per cent, to 23,879.

The benchmark S&P 500 closed 0.4 per cent higher at 2,585, recovering from a 20-month low.

Meanwhile, the tech-heavy Nasdaq index ended its day 0.9 per cent higher at 6,957.

US markets received their largest boost from energy stocks on reports that major oil producer Saudi Arabia will cut its production levels, alleviating concerns about a global oversupply.

Brent crude jumped 4.6 per cent to $US61.41 per barrel.

The S&P technology sector also rebounded after Apple's stock rose 2.3 per cent — despite the company reducing planned production for its three new iPhone models for the January-March quarter, according to a report by Nikkei.

Its share price tumbled about 10 per cent last week after it issued a profit warning due its disappointing sales in China.

Apple's suppliers, which largely include chipmakers, fell sharply on Tuesday — after Korean tech giant Samsung also warned investors to expect a weaker profit due to lacklustre demand for microchips.

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